CNV Argentina: we will strive to understand Bitcoin companies

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Key facts: The president of the CNV says that a “simple, without formalities or absurdities” registry was created. Bitcoin companies must register with the CNV before July. The National Securities Commission of Argentina (CNV), the body in charge of the new registry of bitcoin (BTC) and cryptocurrency service providers, asserted that the entity's plans include «listening to and understanding» companies in the sector, before moving forward. in greater regulation. During a meeting with legal representatives and members of the Fintech Chamber of Argentina, the president of the CNV, Roberto Silva, indicated that It is important to welcome companies in the cryptocurrency sector “and work together.” “They will be listened to, we will make every effort to understand them and then we will decide what is the best way to guarantee compliance with the objectives of the standard, trying not to hinder the activity,” said Silva. According to the lawyer, A “simple registry was created, without formalities or absurdities.” And also oriented within the framework «of the deregulation promoted by the national government, but taking into account the mandate of the law.» The registry of virtual asset service providers, including exchanges, wallets, payment gateways and similar companies; was opened last week by the CNV, after the Money Laundering Law was modified, which grants that organization the power to regulate those entities.

The registration has caused various demonstrations in the community. Since its approval in the Senate, a debate has arisen among those who allege that the Argentine government, headed by Javier Milei, promoted the regulation and, consequently, “handed them over”; and those who support creating more regulatory infrastructure for the cryptocurrency sector in that nation. At the same time, alerts have emerged that, based on the new Argentine regulation, users of local exchanges will be more monitored, since these companies They will have a closer look at the CNV.

However, for years the Argentine authorities have been supervising the exchanges and, likewise, their users. Since 2014, the Financial Information Unit (UIF) established the obligation to report operations with crypto assets.

Since 2017, the Argentine tax system includes cryptocurrencies within the income tax. And since 2019, the Federal Public Revenue Administration established an information regime through which exchanges are required to submit a monthly report on their activities.